MIND-your-MONEY

Taxes | Business | Financial Freedom | Wellness

Do you need to issue 1099s? Due 01/31 taxes Jun 03, 2021

Did you hire a website designer, VA or a business coach this year? Well, your business may be required to issue a 1099. New for tax year 2020 is the form 1099-NEC (Non-Employee Compensation) replacing 1099-MISC box 7 NEC. 

Each January the IRS requires that each taxpayer who has made ...

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What's the deal with Quarterly Estimated Taxes? quarterly estimated taxes Jun 02, 2021

Once you become a business owner you're going to hear a lot of chatter about Quarterly Estimated Taxes. The thoughts swirling thru your brain might range from:

"Holy shit, do I have to file taxes every quarter?"

"Umm, I haven't been doing that. Am I in trouble"

Let's start with the reason...

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The proper way to reimburse yourself and your employees. business expenses employees Aug 16, 2020

As a small business owner, you often incur costs for your business and if not properly reimbursed you may be SOL. The same goes for your employees too. Below we'll discuss the proper way to reimburse yourself and your employees via an accountable plan. 

Accountable Plan

An...

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Leverage up to 100k of your Retirement to Thrive in 2020 (Penalty Free!) retirement taxes Aug 01, 2020

New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. 

First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act...

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How to pay your tax bill or file for an extension...psssst it's easy. taxes Jul 15, 2020

Tax day is here so let's keep it short and sweet. 

What's due today?

  • Tax Returns for 1040 filers with Schedule C (Sole Prop, Single Member LLC, etc)
  • Tax Payments from those returns
  • Quarter 1 Estimated Tax
  • Quarter 2 Estimated Tax

If your return has already been filed and you need to make a...

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How to get paid on time every time. bookkeeping money May 16, 2020

Has your client ever left you high and dry?

I've heard dozens of stories of unpaid invoices sitting in unchecked inboxes of businesses that may or may not come out the other side.

Clients are ghosting mid project leaving business owners with a half finished product and unbilled hours. Promises that...

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Payroll Tax Credits & Deferrals - Even Self-Employed (without Payroll) can USE! payoll tax credits Apr 26, 2020

**Fair warning, this blog post is a doozy. Serious times call for serious information. If it pertains to you, it's worth a read. Cheers!**

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest...

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"I'm so tired and I don't know why I'm crying." An Entrepreneur's Journey entrepreneurship Jan 08, 2020

The birth of Freebird, behind the scenes.

Many moon ago, I was managing multi-million dollar operations when my curiosity about “the numbers” got the best of me. My then employer’s corporate accountant was in San Diego and I requested a meeting to grill him about the profession....

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How to Track Auto Expenses for your Small Business taxes Jan 01, 2020

If you drive your personal car for your small business, you can deduct vehicle expenses in one of two ways: actual expenses or the standard mileage rate.

So which way is better for you? As always, it depends, so let's take a look so you can make a decision that's right for you.

Standard Mileage...

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Why I hope my home, auto and health insurance is a waste of money. insurance wellness Nov 30, 2019

How does one take care of themselves when sick or injured?

- Walk it off.
- Hot, steamy bowl of pho.
- Herbs and sleep.
- Super glue it.
- Sweat it out.

Sometimes it works. Sometimes it doesn’t. That's why I have health insurance.

In my house we’ve had our fair share of injuries, surgeries...

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How Managing a Restaurant has Made Me a Better Business Owner time management Sep 22, 2019

If you’ve worked in a restaurant in any capacity, you’ve probably heard the term “in the weeds.”

Your day can go from calm to chaos in a matter of minutes, am I right?! One of my most memorable management shifts was at an upscale restaurant, the night of a Lady Gaga...

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Why did I choose this "boring career" and become an Enrolled Agent? Uncategorized Aug 24, 2019
What is an EA you ask? EA's are federally-licensed tax practitioners who specialize in tax preparation and have unlimited rights to represent taxpayers before the IRS. The Enrolled Agent license is the highest credential the IRS issues.
 
Before I became a bean counter, I helped open...
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